SECURITIES AND EXCHANGE COMMISSION
                   Washington, D.C. 20549
                              
                   -----------------------
                              
                          FORM 8-K
                              
                       CURRENT REPORT
                              
                              
           Pursuant to Section 13 or 15(d) of the
                              
               Securities Exchange Act of 1934
                              
                 ---------------------------
                              
                              
              Date of Report (Date of earliest
              event reported): August 27, 1996
                              
                              
                              
                THE ST. PAUL COMPANIES, INC.
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   (Exact name of Registrant as specified in its charter)


     Minnesota              0-3021            41-0518860
  ---------------   -------------------- ---------------------
     (State of         (Commission File    (I.R.S. Employer
   Incorporation)           Number)        Identification No.)



385 Washington St., St. Paul, MN             55102
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(Address of principal                      (Zip Code)
executive offices)


                       (612) 310-7911
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               (Registrant's telephone number,
                    including area code)
                              
                              
                              
                              
                             N/A
- ------------------------------------------------------------
    (Former name or former address, if changed since last
                           report)



Item 5.    Other Events.
           ------------

     Filed herewith is a press release dated August 27,
1996, of the registrant announcing that the registrant has
retained Goldman Sachs International to assist in examining
strategic alternatives with respect to the Minet Group, the
registrant's insurance brokerage operation.

Item 7. Financial Statements, Pro Forma Financial
      Information and  Exhibits.
      -----------------------------------------------------

  An Exhibit Index is set forth as the next page in this
  report.

  Pursuant to the requirements of the Securities Exchange
Act of 1934, the registrant has duly caused this report to
be signed on its behalf by the undersigned thereunto duly
authorized.



                              THE ST. PAUL COMPANIES, INC.




                              By  /s/ Bruce A. Backberg
                                  ---------------------
                                  Bruce A. Backberg
                                  Vice President
                                   and Corporate Secretary


Date: August 27, 1996




                        EXHIBIT INDEX
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                                                        How
Exhibit                                                Filed
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(99) Additional exhibits . . . . . . . . . . . . . .  . (1)




     (1) Filed electronically under the EDGAR Operational
         Program.